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Investing December 30, 2003
ICI: Mutual Fund Assets Higher in November
December 30, 2003 (PLANSPONSOR.com) - The nation's
mutual funds made it two months in a row of asset increases,
as combined assets were up $82.4 billion (1.2%) in
November.
Reported by Eric Hazard
Mutual funds saw their combined assets increase in November to $7.23 trillion from a revised $7.15 trillion in the previous month (See ICI: Mutual Funds Up 2.9% in October ) on improvement from stock and hybrid funds. Stock funds gathered $14.9 billion in net new assets for the month, an increase of 2.1%, followed by the $3.0-billion pickup for hybrid funds, gaining 2.6% for the month, according to data from the Investment Company Institute (ICI).
Other than taxable money market funds, which were down 0.6% for the month, the remaining index performance was also on the positive side. Leading the other winners were tax-free money market funds, a $3.4 billion (1.2%) inflow. Additionally, increases in net new assets were recorded among municipal bond funds – up $1.9 billion (0.6%) – and taxable bond funds – higher by $4.3 billion (0.5%).